SEC Form 10-Q filed by Dutch Bros Inc.

5/6/26 5:17:37 PM ET

Restaurants

Consumer Discretionary

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bros-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 10-Q

______________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number 001-40798

______________________________

DUTCH BROS INC.

(Exact name of Registrant as specified in its charter)

______________________________

Delaware

87-1041305

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer Identification No.)

1930 W. Rio Salado Pkwy

Tempe,

Arizona

85281

(Address of Principal Executive Offices)

(Zip Code)

(877) 899-2767

(Registrant's telephone number, including area code)

______________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Exchange on which Registered
Class A Common Stock, par value $0.00001 per share	BROS	The New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

As of April 30, 2026, the registrant’s outstanding shares of common stock were as follows:


Class A common stock			137,192,622
Class B common stock			35,177,924
Class C common stock			2,277,707

DUTCH BROS INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS


		Page

Glossary		1
Forward-Looking Statements		2

PART I	FINANCIAL INFORMATION	3



ITEM 1.	Financial Statements (Unaudited)	3

	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Stockholders’ Equity	6
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	10
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	40
ITEM 4.	Controls and Procedures	41

PART II	OTHER INFORMATION	42



ITEM 1.	Legal Proceedings	42
ITEM 1A.	Risk Factors	42
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
ITEM 3.	Defaults Upon Senior Securities	42
ITEM 4.	Mine Safety Disclosure	42
ITEM 5.	Other Information	43
ITEM 6.	Exhibits	44

SIGNATURES		45

GLOSSARY

As used in this Quarterly Report on Form 10-Q (this Form 10-Q), the terms identified below have the meanings specified below unless otherwise noted or the context requires otherwise. References in this Form 10-Q to “Dutch Bros,” the “Company,” “we,” “us” and “our” refer to Dutch Bros Inc. and its consolidated subsidiaries unless the context indicates otherwise.


Term						Definition
2022 Credit Facility						Has the meaning set forth in NOTE 10 — Debt to the condensed consolidated financial statements, included elsewhere in this Form 10-Q
2025 Credit Facility						Has the meaning set forth in NOTE 10 — Debt to the condensed consolidated financial statements, included elsewhere in this Form 10-Q
AOCI						Accumulated Other Comprehensive Income
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
AUV						Average Unit Volume

BPS or bps						Basis points, which is used to express differences in rates. One basis point is the equivalent of 1/100 of one percent
CEO						Chief Executive Officer
CODM						Chief Operating Decision Maker
Co-Founder						Travis Boersma, our Executive Chairman and Co-Founder, and affiliated entities over which he maintains voting control

Continuing Members						The Co-Founder and the Sponsor
Dutch Bros OpCo						Dutch Mafia, LLC, a Delaware limited liability company and direct subsidiary of Dutch Bros Inc.
Dutch Bros Inc.						A Delaware corporation, the Class A common stock of which is publicly traded on the New York Stock Exchange under the symbol “BROS”

EBITDAR						Earnings before interest, taxes, depreciation, amortization, and rent costs
FASB						Financial Accounting Standards Board
GAAP						U.S. Generally Accepted Accounting Principles
IPO						Initial Public Offering

N/A						Not applicable
N/M						Not meaningful
OpCo LLC Agreement						The Fifth Amended and Restated Limited Liability Company Agreement of Dutch Bros OpCo
OpCo Units						Class A common units, Class B voting units and Class C voting units of Dutch Bros OpCo, each as further defined in the OpCo LLC Agreement, collectively



PSU						Performance Restricted Stock Units



RSU						Restricted Stock Units
Same Shop Sales						The estimated percentage change in year-over-year sales, for the comparable shop base, which we define as shops open for 15 complete months or longer as of the first day of the reporting period
SEC						Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
Sponsor						TSG Consumer Partners, L.P. and certain of its affiliates
Tax Receivable Agreements (TRAs)						The Tax Receivable Agreement (Exchanges) that Dutch Bros Inc. entered into with the Continuing Members and the Tax Receivable Agreement (Reorganization) that Dutch Bros Inc. entered into with TSG7 A AIV VI Holdings-A, L.P. and DG Coinvestor Blocker Aggregator, L.P. or their assignees or successors, in connection with the IPO

Dutch Bros, our Windmill logo (

), Dutch Bros Blue Rebel, and our other registered and common law trade names, trademarks and service marks are the property of Dutch Bros Inc. All other trademarks, trade names, and service marks appearing in this Form 10-Q are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Form 10-Q may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

Dutch Bros Inc.| Form 10-Q | 1


	Three Months Ended March 31,
(in thousands, except per share amounts; unaudited)	2026		2025
Revenues
Company-operated shops	$	429,057	$	326,421
Franchising and other	35,355		28,731
Total revenues	464,412		355,152

Costs and Expenses


Cost of sales	356,936		265,159




Selling, general and administrative	73,176		58,921
Total costs and expenses	430,112		324,080

Income from operations	34,300		31,072

Other expense
Interest expense, net	(7,220)		(7,115)
Other expense, net	(75)		(18)
Total other expense	(7,295)		(7,133)

Income before income taxes	27,005		23,939
Income tax expense	3,341		1,459
Net income	$	23,664	$	22,480

Less: Net income attributable to non-controlling interests	7,567		7,127
Net income attributable to Dutch Bros Inc.	$	16,097	$	15,353
Net income per share of Class A common stock:
Basic	$	0.13	$	0.13
Diluted	$	0.13	$	0.13
Weighted-average shares of Class A common stock outstanding:
Basic	127,138		120,810
Diluted	127,384		121,508


	Three Months Ended March 31,
(in thousands; unaudited)	2026		2025
Net income	$	23,664	$	22,480
Other comprehensive (income) loss:
Unrealized income (loss) on derivative securities, effective portion, net of income tax expense (benefit) of $6 and $(93), respectively	27		(349)
Comprehensive income	23,691		22,131

Less: comprehensive income attributable to non-controlling interests	7,576		6,968
Comprehensive income attributable to Dutch Bros Inc.	$	16,115	$	15,163



(in thousands, except per share amounts; unaudited)	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	263,517	$	269,404
Accounts receivable, net	18,766		18,387
Inventories, net	37,392		48,917
Prepaid expenses and other current assets	20,820		20,670
Total current assets	340,495		357,378
Property and equipment, net	862,089		824,502
Lease right-of-use assets, net	935,386		855,339




Deferred income tax assets, net	943,396		946,571
Other long-term assets	23,928		25,524
Total assets	$	3,105,294	$	3,009,314
Liabilities and Equity
Current liabilities:
Accounts payable	$	41,688	$	37,625

Other current liabilities	100,219		99,173

Deferred revenue	56,519		55,658

Current portion of tax receivable agreements liability	13,718		7,696
Current portion of lease liabilities	39,160		36,466


Current portion of long-term debt	3,883		3,881
Total current liabilities	255,187		240,499
Deferred revenue, net of current portion	5,849		8,918
Lease liabilities, net of current portion	921,876		852,380



Long-term debt, net of current portion	195,447		196,295
Tax receivable agreements liability, net of current portion	806,410		813,353

Total liabilities	2,184,769		2,111,445
Commitments and contingencies (Note 16)
Preferred stock, $0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—		—
Class A common stock, $0.00001 par value per share - 400,000 shares authorized; 127,293 and 127,054 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1		1
Class B common stock, $0.00001 par value per share - 144,000 shares authorized; 35,211 and 35,211 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—		—
Class C common stock, $0.00001 par value per share - 105,000 shares authorized; 2,280 and 2,280 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—		—

Additional paid-in capital	580,773		581,261
Accumulated other comprehensive income	66		48
Retained earnings	115,605		99,508
Total stockholders' equity attributable to Dutch Bros Inc.	696,445		680,818
Non-controlling interests	224,080		217,051
Total equity	920,525		897,869
Total liabilities and equity	$	3,105,294	$	3,009,314


Three Months Ended March 31, 2026

	Dutch Bros Inc. Stockholders’ Equity
	Class A Common Stock			Class B Common Stock			Class C Common Stock
(in thousands; unaudited)	Shares	Amount		Shares	Amount		Shares	Amount		Additional Paid-in-Capital		Accumulated Other Comprehensive Income		Retained Earnings		Non-Controlling Interests		Total Equity
Balance, December 31, 2025	127,054	$	1	35,211	$	—	2,280	$	—	$	581,261	$	48	$	99,508	$	217,051	$	897,869

Net income	—	—		—	—		—	—		—		—		16,097		7,567		23,664
Unrealized gain on derivative securities, effective portion, net of income tax expense of $6	—	—		—	—		—	—		—		18		—		9		27
Equity-based compensation expense	—	—		—	—		—	—		3,779		—		—		1,499		5,278
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax withholding obligations	239	—		—	—		—	—		(4,421)		—		—		(1,756)		(6,177)

Effect of equity transactions of Dutch Bros OpCo Class A common units	—	—		—	—		—	—		290		—		—		(290)		—
Impacts of Tax Receivable Agreements	—	—		—	—		—	—		(136)		—		—		—		(136)



Balance, March 31, 2026	127,293	$	1	35,211	$	—	2,280	$	—	$	580,773	$	66	$	115,605	$	224,080	$	920,525


Three Months Ended March 31, 2025

	Dutch Bros Inc. Stockholders’ Equity
	Class A Common Stock			Class B Common Stock			Class C Common Stock
(in thousands; unaudited)	Shares	Amount		Shares	Amount		Shares	Amount		Additional Paid-in-Capital		Accumulated Other Comprehensive Income		Retained Earnings (Accumulated Deficit)		Non-Controlling Interests		Total Equity
Balance, December 31, 2024	115,432	$	1	35,227	$	—	3,545	$	—	$	517,074	$	628	$	19,666	$	226,496	$	763,865

Net income	—	—		—	—		—	—		—		—		15,353		7,127		22,480
Unrealized loss on derivative securities, effective portion, net of income tax benefit of $93	—	—		—	—		—	—		(96)		(190)		—		(159)		(445)
Equity-based compensation expense	—	—		—	—		—	—		2,900		—		—		1,294		4,194
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax withholding obligations	295	—		—	—		—	—		(7,771)		—		—		(3,247)		(11,018)
Issuance of Class A common stock in exchange for surrender and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class C common stock, pursuant to exchange transactions	9,447	—		—	—		(1,197)	—		—		—		—		—		—
Effect of equity transactions of Dutch Bros OpCo Class A common units	—	—		—	—		—	—		34,267		—		—		(34,267)		—

Impacts of Tax Receivable Agreements	—	—		—	—		—	—		17,226		—		—		—		17,226


Reverse Split transaction pursuant to OpCo Recapitalization	—	—		(16)	—		(1)	—		—		—		—		—		—
Balance, March 31, 2025	125,174	$	1	35,211	$	—	2,347	$	—	$	563,600	$	438	$	35,019	$	197,244	$	796,302


Note						Page
NOTE 1 — Organization and Background						11
NOTE 2 — Basis of Presentation and Summary of Significant Accounting Policies						11
NOTE 3 — Revenue Recognition						12
NOTE 4 — Organization Realignment and Restructurings						13
NOTE 5 — Acquisitions						14
NOTE 6 — Supplemental Financial Information						14

NOTE 7 — Property and Equipment						15
NOTE 8 — Other Long-Term Assets						15

NOTE 9 — Leases						16
NOTE 10 — Debt						17

NOTE 11 — Derivative Financial Instrument						18

NOTE 12 — Income Taxes						19
NOTE 13 — Equity-Based Compensation						20

NOTE 14 — Non-Controlling Interests						22
NOTE 15 — Income Per Share						23
NOTE 16 — Commitments and Contingencies						25
NOTE 17 — Related Party Transactions						26
NOTE 18 — Segment Reporting						26


	Three Months Ended March 31,
(in thousands)		2026		2025
Company-operated shops		$	429,057	$	326,421
Franchising		33,956		27,091
Other		1,399		1,640
Total revenues		$	464,412	$	355,152


(in thousands)	March 31, 2026		December 31, 2025
Gift card and loyalty programs	$	59,706	$	62,014
Initial unearned franchise fees1	2,662		2,562

Total deferred revenue	$	62,368	$	64,576


(in thousands)	December 31, 2025		Charges		Cash Payments		March 31, 2026
Relocation and travel costs	$	168	$	697	$	(786)	$	79
Termination benefits	1,947		717		(1,225)		1,439
Total employee-related costs	2,115		1,414		(2,011)		1,518

Consulting	9		201		(158)		52


Totals	$	2,124	$	1,615	$	(2,169)	$	1,570



(dollars in thousands)	March 31, 2026		December 31, 2025
Software	$	15,537	$	14,630

Equipment and fixtures			330,710		305,116

Buildings and leasehold improvements			708,935		684,322
Land	7,022		7,022

Construction-in-progress 1	91,127		75,225
Property and equipment, gross			1,153,331		1,086,315
Less: accumulated depreciation			(291,242)		(261,813)
Property and equipment, net			$	862,089	$	824,502



(in thousands)	March 31, 2026		December 31, 2025
Term loan under credit facility	$	147,188	$	148,125
Revolving loan under credit facility	50,000		50,000
Finance obligations1	4,155		4,162
Unsecured note payable	144		176
Total debt	201,487		202,463
Less: loan origination fees	(2,157)		(2,287)
Less: current portion	(3,883)		(3,881)
Total long-term debt, net of current portion	$	195,447	$	196,295


(in thousands)

Remainder of 2026	$	2,911
2027	5,670
2028	7,500
2029	11,250
2030	170,000
Thereafter	4,156
Total	$	201,487


(in thousands)	Balance Sheet Classification	March 31, 2026		December 31, 2025
Right-of-use assets 1
Finance leases		$	399,729	$	406,381
Operating leases		535,657		448,958
	Lease right-of-use assets, net	$	935,386	$	855,339

Lease liabilities 1
Current lease liabilities
Finance leases		$	15,989	$	17,298
Operating leases		23,171		19,168
	Current portion of lease liabilities	$	39,160	$	36,466

Non-current lease liabilities
Finance leases		$	398,898	$	402,697
Operating leases		522,978		449,683
	Lease liabilities, net of current portion	$	921,876	$	852,380
Total lease liabilities		$	961,036	$	888,846


	Statements of Operations Classification	Three Months Ended March 31,
(in thousands)			2026		2025
Finance lease costs
Amortization of right-of-use assets	Cost of sales		$	7,454	$	6,560
Amortization of right-of-use assets	Selling, general, and administrative		—		15
Interest on lease liabilities	Interest expense		6,177		5,609
Total finance lease costs			13,631		12,184

Operating lease costs
Lease expenses	Cost of sales		13,553		8,663
Lease expenses	Selling, general, and administrative		693		700
Total operating lease costs			14,246		9,363



Variable lease costs	Cost of sales		2,761		2,115
Total lease costs			$	30,638	$	23,662


(in thousands)	Balance Sheets Classification	March 31, 2026		December 31, 2025
Derivative instrument designated as cash flow hedge
Interest rate swap contract	Prepaid expenses and other current assets	$	535	$	466
Interest rate swap contract	Other long-term assets	—		36
Total derivative instrument designated as cash flow hedge		$	535	$	502


		Three Months Ended March 31,
(in thousands)	Financial Statements Classification		2026		2025
Derivative instrument designated as cash flow hedge
Income (loss) recognized in other comprehensive income before reclassifications	Statements of Comprehensive Income		$	198	$	(160)
Reclassification from accumulated other comprehensive income to earnings for the effective portion	Statements of Operations - Interest expense, net		(165)		(282)
Income tax benefit (expense)	Statements of Comprehensive Income		(6)		93


(in thousands, except per share amounts)	Restricted Stock Units	Weighted-average grant date fair value per share





Balance, December 31, 2025	842	$	46.55

New grants	567	53.61
Vested	(356)	40.38
Forfeitures	(38)	53.59
Balance, March 31, 2026	1,015	$	52.40


(in thousands, except per share amounts)	Performance - Based Stock Units	Weighted-average grant date fair value per share





Balance, December 31, 2025	55	$	132.96

New grants	134	78.80

Forfeitures	(2)	132.96
Balance, March 31, 2026	187	$	94.10


(in thousands)

Remainder of 2026	$	21,418
2027	23,736
2028	16,118
2029	2,676


Total unrecognized stock-based compensation	$	63,948


	March 31, 2026
(units in thousands)	OpCo Units	Ownership %
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.	127,293	71.6	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders1	50,481	28.4	%
Total Dutch Bros OpCo Class A common units outstanding	177,773	100.0	%


Section						Page
Overview						29
Impact of Global Events						29
Results of Operations						30

Key Performance Indicators						31
Company-operated Shops Results						33
Franchising and Other Segment Performance						35
Selling, General, and Administrative						35
Other Expense						35
Income Tax Expense						35
Liquidity and Capital Resources						36
Non-GAAP Financial Measures						37


	2026 vs 2025
Increase in total shops	16.3	%
Increase in total revenue	30.8	%

SEC Form 10-Q filed by Dutch Bros Inc.

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Recent Analyst Ratings for $BROS

$BROS Insider Purchases

Director Penegor Todd Allan converted options into 444 shares and bought $102,350 worth of shares (2,000 units at $51.17), increasing direct ownership by 84% to 5,358 units (SEC Form 4)

$BROS Analyst Ratings

Oppenheimer initiated coverage on Dutch Bros with a new price target

Telsey Advisory Group initiated coverage on Dutch Bros with a new price target

BNP Paribas Exane initiated coverage on Dutch Bros with a new price target

$BROS Insider Trading

Large owner Dm Trust Aggregator, Llc sold $28,488,108 worth of shares (488,945 units at $58.26) as part of a pre-agreed trading plan, decreasing direct ownership by 8% to 5,492,520 units (SEC Form 4)

Executive Chairman of Board Boersma Travis sold $43,698,274 worth of shares (749,999 units at $58.26) as part of a pre-agreed trading plan (SEC Form 4)

Large owner Dm Individual Aggregator, Llc sold $15,210,166 worth of shares (261,054 units at $58.26) as part of a pre-agreed trading plan, decreasing direct ownership by 8% to 2,932,909 units (SEC Form 4)

$BROS SEC Filings

Dutch Bros Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

SEC Form SCHEDULE 13G filed by Dutch Bros Inc.

Amendment: SEC Form SCHEDULE 13G/A filed by Dutch Bros Inc.

$BROS Press Releases

Dutch Bros Inc. to Participate in Upcoming Investor Conference

Dutch Bros Inc. to Acquire Phoenix East Valley Franchise, Expanding Company-Operated Presence in Arizona

Dutch Bros Inc. Reports First Quarter 2026 Financial Results

$BROS Large Ownership Changes

Amendment: SEC Form SC 13G/A filed by Dutch Bros Inc.

Amendment: SEC Form SC 13G/A filed by Dutch Bros Inc.

Amendment: SEC Form SC 13G/A filed by Dutch Bros Inc.

$BROS Financials

Dutch Bros Inc. Reports First Quarter 2026 Financial Results

Dutch Bros Inc. to Host First Quarter 2026 Conference Call and Webcast on May 6

Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2025 Financial Results

$BROS Leadership Updates

TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600

Dutch Bros Inc. Appoints Jennifer Somers as Chief Shops Officer

Dutch Bros Inc. Outlined Long-Term Growth Strategy at Inaugural Investor Day

Recent Analyst Ratings for
$BROS

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Insider Purchases

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Analyst Ratings

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Insider Trading

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SEC Filings

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Press Releases

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Large Ownership Changes

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Financials

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Leadership Updates


	Three Months Ended March 31,
(dollars in thousands; unaudited)		2026			2025
Shop count, beginning of period
Company-operated		811			670
Franchised		325			312
Total shop count		1,136			982

Company-operated new openings		33			25
Franchised new openings		8			5



Shop count, end of period
Company-operated		844			695
Franchised		333			317
Total shop count		1,177			1,012

Systemwide AUV 1		$	2,160		$	2,026
Company-operated shops AUV 1		$	2,121		$	1,950

Systemwide same shop sales 1, 2		8.3		%	4.7		%
Ticket		3.2		%	3.4		%
Transactions		5.1		%	1.3		%
Company-operated same shop sales 1		10.6		%	6.9		%
Ticket		3.7		%	3.2		%
Transactions		6.9		%	3.7		%












Systemwide sales 2		$	609,559		$	489,672
Company-operated shops operating weeks 3		10,493			8,737
Franchising shops operating weeks 3		4,230			4,011


Dutch Rewards transactions as a percentage of total transactions 4		74		%	72		%


	Three Months Ended March 31,
(unaudited)		2026	2025
Systemwide shop base		950	794
Company-operated shops base		645	510


Period	Total Number of Shares Purchased 1	Weighted-Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 - 31, 2026	—	—		—	—
February 1 - 28, 2026	21,244	$	48.80	—	—
March 1 - 31, 2026	96,029	$	53.61	—	—


	DUTCH BROS INC.
	(Registrant)

May 6, 2026	By:	/s/ Christine Barone
Date		Christine Barone
		Chief Executive Officer and President
		(Principal Executive Officer)


May 6, 2026	By:	/s/ Joshua Guenser
Date		Joshua Guenser
		Chief Financial Officer
		(Principal Financial Officer)


May 6, 2026	By:	/s/ Nicholas Daddario
Date		Nicholas Daddario
		Chief Accounting Officer
		(Principal Accounting Officer)

Date	Price Target	Rating	Analyst
5/1/2026	$72.00	Outperform	Oppenheimer
4/8/2026	$66.00	Outperform	Telsey Advisory Group
3/30/2026	$73.00	Outperform	BNP Paribas Exane
3/9/2026	$77.00	Outperform	Wolfe Research
3/6/2026	$67.00	Buy	DA Davidson
3/2/2026	$75.00	Neutral → Buy	Goldman
1/26/2026	$82.00	Buy	Citigroup
10/22/2025	$92.00 → $65.00	Overweight	Barclays